“The banks have been huge owners of fixed rate instruments, so they can take advantage by selling. From a spread perspective, banks’ interest rate spreads are rising really nicely."

"They’re charging more to customers on new loans or refinance loans from a spread perspective," he added. "Deposit funding has been terrific for banks. Inflows in deposits have been good and deposit costs are very low.”

Schutz said financial winners long-term include Bank of America and JP Morgan Chase.